The opposite of insolvency in that an individual has the necessary funds to meet their financial obligations and pay debts as they become due. Executors managing a solvent estate should expect to have funds remaining to distribute to beneficiaries at the conclusion of the estate administration process. Given that the executor process can take up to 1 year, there are many estate expenses to keep up during the year (home insurance, utilities, etc) and therefore solvency of the estate should be considered early in the process.
What you need to know
What to do when a loved one dies
When people die, they leave behind a life that must be closed out. Don't tackle it all alone. From planning the funeral to tackling the legal & financial estate, here's an ultimate checklist of all the things an executor needs to do following the loss of a loved one.
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